Quote:
Originally Posted by CroFlames
It is a lot of money, and the crux of this thread.
People should probably be focusing more on saving for retirement more than ever. Millennials and other working demographics are likely going to live into their 90s.
If you want to live comfortably 30-35 years after you retire, you probably are going to require an income of $150-$200k/year (remember, inflation).
To have that income, you should have amassed about $4-5million in savings.
That's the hard truth for most people who aren't inheriting anything.
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My only point is that you do not, actually, need that amount of money to live "comfortably" in retirement.
It's this prevalent idea of greed, and "more" that I think is a bit distressing and why people are, overall, very bad with their money. That much money ($150k-$200k, household) is enough to live comfortably with a mortgage, two car payments, and two kids, unless you have a spending problem. If you bought too big a house, or your cars are too expensive, or whatever, it's not a lot, but if you're in that situation you're not saving $4M anyways.
I struggle to understand people who think you need $150k+ for two people to get by comfortably with bare minimum expenses. What are you spending your money on? Break it down for me, and help me understand.